04 Jan Wearable medical technology a booming field
One of the greatest uses for advanced technology has been in the health care sector. Doctors and other experts in the field now have new ways to treat illnesses and diseases, monitor their patients and improve the overall well-being of those who are sick. From devices like blood pressure monitors to wearables that can identify when a heart rate is too high, technology has completely changed the way in which modern health care is done.
For those in the manufacturing of medical device and diagnostics products, being aware of the upcoming healthcare trends is important. So much is happening in that area on a regular basis that it can be easy to lose track or fall behind of the latest products on the market or technology to use. Given how much money is invested in health care every year, by a wide variety of sources, understanding the industry is vital.
One of the major markets for medical device manufacturers is wearable technology, such as watches, clothing and patches that can be worn for health-related reasons. The industry is already tremendously profitable and is expected to continue its steady growth in the years to come. Understanding the potential gains, as well as the possible risks, of manufacturing wearable technology products will be vital to companies within the industry.
Growth in the field
In 2014, wearable medical devices represented a $3.5 billion industry, a total plenty high enough to catch the attention of manufacturers that haven’t begun work in that field. However, once business leaders see how much the industry will be worth in less than a decade, the point will become even more clear. According to Wise Guy Reports, a recent study found that by 2022, wearable medical devices technology will be valued at $16.8 billion. Vital-sign monitors and respiratory therapy devices are seen as two of the most important types of technological advances the field has produced.
That tremendous growth is a result of new uses being developed by medical experts and advancements from manufacturers. The report cited devices that can monitor the heart rate of a user for up to 30 days, or a patch that collects information for two weeks to give doctors the data they need to determine if a patient has atrial fibrillation. All of these devices are going to grow in popularity and efficiency as time progresses, leading to an increased demand for new products.
As more people learn of the ways pain relief can be tracked through their clothes, or about how infant care can be enhanced through smarter baby monitors, the demand for wearable technology will jump. Even before that 2022 timeline Wise Guy Reports cited, some experts project an increase in sales. The Marketing Research Association stated that sales of wearable medical devices are expected to grow between 25 and 35 percent in the next three years.
While there have been major advances in the field of wearable medical devices, there are some risks that manufacturers must be aware of. MedGadget explained that high costs of creating and using some devices have led to setbacks. The same goes for a lack of awareness from many customers and medical experts on the benefits of the manufactured goods in the industry.
The value of cloud technology
For a manufacturing business that is already in the field of wearable technology, or a company that is looking to break into that market, having the support of a cloud-backed software program can be a tremendous help. With access to real-time analytics and updated FDA requirements, business leaders can guarantee they are keeping up with the latest trends and standards within the industry.
Atachi’s NGIMES is a cloud-supported program made specifically for the medical device and diagnostics industry. Given its unique functions, the technology is ideal for companies who are investing in wearable technology. As the largest current trend within the industry, a business can set itself apart from the competition by utilizing NGIMES’s advanced analytics functions.
From a reduced time to market to fewer product recalls, Atachi’s groundbreaking software is an excellent resource for a business that wants to be a part of the growing wearable medical technology market, but is concerned with the great risks involved.